bica qualification exemptions
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EXEMPTION POLICY AND PROCEDURES
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1.0 Introduction
Credit for prior learning (CPL), also known as exemptions, are available for some of
the Professional Stage exam modules. The two words will be used interchangeably
in this document. By awarding CPL, the BICA aims to avoid duplication of learning
and assessment. University graduates with accounting related degrees may be
eligible to apply for exemptions in up to eight modules. Exemptions could be
awarded in all six knowledge modules (Accounting, Assurance, Business and
Finance, Law, Management Information, Principles of Taxation), and the Business
Strategy and Financial Management application modules. Students with some
professional accounting qualifications may be entitled to exemptions in all the
knowledge and application modules.
The BICA entered into a twinning arrangement with the Institute of Chartered
Accountants of England and Wales ((ICAEW). Except for the local variant papers of
Law and Principles of Taxation, the BICA syllabuses are modelled on those of the
ICAEW. Accordingly, the BICA exemption policy is the same as of the ICAEW one.
The exemption policy for the BICA qualification provides for exemptions on a paper
by paper basis. This means students will be provided exemptions in those papers in
which they demonstrated sufficient coverage of course content in their other study
programmes. For this purpose, students or institutions may be required to submit
detailed course curricular for the course units upon which they base their
applications for exemption.
Students may apply for credit for one or more of the BICA Professional Stage
examinations if they have an accounting or business related degree or a professional
accountancy qualification. Students cannot apply for credit if they have previously
attempted the paper.
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2.0 APPLICATIONS FROM STUDENTS WITH BACHELOR OF ACCOUNTING
DEGREE FROM THE UNIVERSITY OF BOTSWANA, AAT, CAT, ACCA OR
CIMA
2.1 Exemptions or credits for prior learning (CPL) are available for the Professional Stage modules if one has a Bachelor of Accounting degree from the University of Botswana, AAT, CAT or a professional accountancy qualification such as ACCA and CIMA. Exemptions for other relevant qualifications will be determined on a case by case basis.
2.2 The exemptions that Bachelor of Accounting degree graduates from the
University of Botswana, AAT, ACCA and CIMA students and members may be eligible to apply for are shown in Appendix A.
2.3 Before applying for exemptions, students should verify if their degree or
professional qualifications are listed in the CPL directory (Appendix A). If
they are listed, they should submit: Form Application for Credit for Prior
Learning (Appendix B) together with certified copies of certificates and
transcripts and pay the prescribed fees.
2.4 For professional qualifications, credits are dependent upon membership and/or completion of special papers. Papers/qualifications must be no older than five years to be considered.
2.5 BICA may from time to time vary its CPL costs for students registering with
prior professional qualifications. To benefit from this, an individual must be
registered with the BICA as student in a training agreement or as an
independent student before making CPL application.
2.6 BICA shall from time to time update CPL directory (Appendix A) to show
available exemptions/CPL at that period.
2.7 Once one has completed the application process he/she should submit
evidence of the professional qualifications and examination results.
2.8 Good quality copies or scanned versions may be used but the BICA reserves
the right to request for additional verification/alternate documents. Original
documents are sent at the owner’s risk.
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3.0 APPLICATIONS FROM INDIVIDUAL STUDENTS WHOSE
QUALIFICATIONS ARE NOT LISTED IN THE CPL DIRECTORY
(APPENDIX A)
Students are required to note that:
3.1 Applicants for exemptions should complete the official Application for
Exemption Form.
3.2 Students awaiting graduation should attach certified copies of transcripts and
a letter from the learning institution confirming that the student has completed
his/her studies and is awaiting graduation and awarding of certificate.
3.3 Applications for exemptions should ideally be submitted at the time of
registration or before payments for the first examination. Where, subsequent
to registering with BICA, a student obtains a qualification for which he is
eligible to seek exemption(s), the student may still apply for exemptions
provided that such exemptions relate to modules for which the student has not
attempted the examinations.
3.4 Students whose certificates and transcripts are in a language other than
English will be required to include copies of the original certificates and
transcripts together with a set of these documents translated into English by a
qualified translator. The translated documents should bear the official rubber
stamp of the translator indicating the name, telephone number and physical
address.
3.5 Students who apply for exemptions should have achieved the minimum pass
mark for the courses upon which they base the applications for exemption.
3.6 For an exemption to be granted in any one paper, the applicant must prove
that he/she attempted and passed an equivalent paper for a programme
whose course content at least matches that of the paper for which an
exemption is sought. For this purpose, the applicant may be required to
submit the institutional catalogue/calendar detailing the course content for
the various papers in which exemptions are sought.
3.7 In cases where the student’s degrees or courses are not listed in the CPL
Directory students should complete the form Application for Credit for Prior
Learning-Graduates- Degree not Listed (Appendix C) and provide module
syllabuses and past exam papers.
3.8 Good quality copies or scanned versions may be used but the BICA reserves
the right to request for additional verification/alternate documents. Original
documents are sent at the owner’s risk.
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3.10 Please note that the BICA does not accept screen shots of web notification
pages or similar electronic notifications.
3.11 No exemptions will be granted for the Advanced Stage modules.
3.12 This exemption policy shall be subject to review from time to time.
4.0 Applications for Exemptions for Programmes from Learning
Institutions
ICAEW has offered to assist BICA to assess applications for exemptions
submitted by institutions of learning.
Institutions will have to demonstrate to ICAEW that BICA learning outcomes
have been integrated into their programme(s).
Applications should be sent to:
Postal Address: The Director
Training and Professional Development BICA – Fairground Financial Centre P/Bag 0021 Gaborone Botswana
Or Physical Address: Botswana Institute of Chartered Accountants
Plot 50374, Fairground Financial Centre Block 3, Third Floor. Gaborone, Botswana
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APPENDIX A
CREDITS FOR PRIOR LEARNING AVAILABLE CREDITS
The following qualifications are considered for direct entry to the BICA qualification, i.e. students who possess them are not entitled for exemptions or credit for prior learning:
2 A level passes + 3 GCSE passes at Grade A – C
CABS (Certificate in Accounting and Business Studies)
DABS (Diploma in Accounting and Business Studies)
(Higher National Diploma) HND – BIAC
International Accounting Technician Qualification (BICA)
Based on the University of Botswana Bachelor of Accounting Degree, you might be eligible to apply for the following credit(s):
Subject Qualifiers and Criteria Accounting Provided that you have passed all the subjects listed below:
Introduction to Financial Accounting
Financial Accounting 1, 2, and 3
Assurance Provided that you have passed all the subjects listed below:
Auditing 1
Auditing 2
Business and Finance
Provided that you have passed all the subjects listed below:
Principles of Management
Organizational Behaviour
Introduction to Accounting
Strategic Management
Basic Macroeconomics
Accounting Theory
Management Information
Provided that you have passed all the subjects listed below:
Introduction to Cost Accounting
Cost Accounting Applications
Management Accounting Applications
Introduction to Management Accounting
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Association of Accounting Technicians (AAT)
Based on 2010 qualification onwards from AAT, you might be eligible to apply for the following credit(s): Available Credits
Subject Qualifiers and Criteria Accounting Level 2 Basic Accounting I & II
Level 3 Accounts Preparation I & II
Level 4 Financial Statements
Assurance Level 4 External Auditing Business and Finance
Level 2/3 Professional Ethics in Accounting and Finance
Level 3 Cash Management
Level 3 Costs and Revenues
Level 4 Financial Performance
Management Information
Level 3 Cash Management
Level 3 Costs and Revenue
Level 4 Budgeting
Level 4 Financial Performance
Principles of Taxation
Level 2/3 Professional Ethics in Accounting and Finance
Level 3 Indirect Tax
Level 4 Business Tax
Level 4 Personal Tax
Based on AAT Diploma Pathway from AAT, you might be eligible to apply for the following credit(s):
Subject Qualifiers and Criteria Accounting Diploma in Accounting including:
Unit 5 Financial Accounting
Unit 11 Drafting Financial Statements
Assurance Diploma in Accounting including:
Unit 17 Implementing Auditing Procedures
Business and Finance
Diploma Award
Management Information
Diploma in Accounting including:
Unit 6 Recording and Analysing Costs and Revenues
Unit 33 Management Accounting
Principles of Taxation
Diploma Award including:
Unit 18 Preparing Business Taxation Computations
Unit 19 Preparing Personal Taxation Computations
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Based on AAT NVQ Pathway from AAT, you might be eligible to apply for the following credit(s):
Subject Qualifiers and Criteria Accounting Technician Level Including:
Unit 5 Maintaining Financial Records and Preparing Accounts
Unit 11 Drafting Financial Statements (APIC)
Assurance Technician Level Including:
Unit 17 Implementing Audit Procedures
Business and Finance
Completion of Technician Award
Management Information
Technician Level Including:
Unit 6 Recording and Evaluating Costs and Revenues
Unit 8 Contributing to the Management of Performance and the Enhancement of Value
Unit 9 Contributing to the Planning and Control of Resources
Principles of Taxation
Technician Level Including:
Unit 18 Preparing Business Taxation Computations
Unit 19 Preparing Personal Taxation Computations
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Association of Chartered Certified Accountants (ACCA)
Based on ACCA 2007 Syllabus from ACCA you might be eligible to apply for the following credit(s):
Subject Qualifiers and Criteria Accounting F3 Financial Accounting
Assurance F8 Audit and Assurance
Business and Finance
F1 Accountant in Business
Law F4 Corporate and Business Law
Management Information
F2 Management Accounting
F9 Financial Management
Principles of Taxation F6 Taxation
Audit and Assurance P7 Advanced Audit and Assurance
Business Strategy P3 Business Analysis
Financial Accounting F7 Financial Reporting
Financial Management
Taken and passed
F9 Financial Management OR If you have received a converted pass in F9 you will also need paper
P4 Advanced Financial Management
Financial Reporting
F7 Financial Reporting
P2 Corporate Reporting
Taxation P6 Advanced Taxation
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Based on CAT from ACCA, you might be eligible to apply for the following credit(s):
Subject Qualifiers and Criteria Accounting Completion of CAT Qualification, Including Modules Listed Below:
Paper 1 Recording of Accounting Transactions
Paper 3 Maintaining Financial Records
Paper 6 Drafting Financial Statements
Assurance Completion of CAT Qualification, Including Modules Listed Below:
Paper 8 Implementing Audit Procedures
Business and Finance
Completion of CAT Qualification:
Management Information
Completion of CAT Qualification, Including Modules Listed Below:
Paper 4 Accounting for Costs
Paper 7 Planning and Control and Performance Management
Paper 10 Managing Finances
Principles of Taxation
Completion of CAT Qualification, Including Modules Listed Below:
Paper 9 Preparing Taxation Computations
Based on Foundations in Accountancy from ACCA, you might be eligible to apply for the following credit(s):
Subject Qualifiers and Criteria Accounting Successfully passing all modules listed below:
FA1 - Recording Financial Transactions
FA2 - Maintaining Financial Records
FFA - Financial Accounting
Assurance Successfully passing the module below:
FAU - Foundations in Audit (CAT)
Management Information
Successfully passing all modules listed below:
MA1 - Management Information
MA2 - Managing Cost and Finance
FMA - Management Accounting
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Chartered Institute Of Management Accountants (CIMA)
Based on CIMA 2005 Syllabus from CIMA, you might be eligible to apply for the following credit(s):
Subject Qualifiers and Criteria Accounting Provided that you have passed all the modules listed below:
Fundamentals of Financial Accounting
Business and Finance
Provided that you have passed all the modules listed below:
Certificate in Business Accounting
Law
Provided that you have passed all the modules listed below:
Fundamentals of Ethics
Corporate Governance
Business Law
Management Information
Provided that you have passed all the modules listed below:
Fundamentals of Management Accounting
Management Accounting Decision Making
Business Strategy
Provided that you have passed all the modules listed below:
Integrated Management
Management Accounting Business Strategy
Organisational Management and Information Systems
Financial Accounting
Provided that you have passed all the modules listed below:
Financial Accounting and Tax Principles
Financial Analysis
Financial Management
Provided that you have passed all the modules listed below:
Management Accounting Decision Making
Management Accounting Risk and Control Strategy
Management Accounting Financial Strategy
Financial Reporting
Provided that you have passed all the modules listed below:
Financial Accounting and Tax Principles
Financial Analysis
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Based on CIMA 2010 Syllabus from CIMA (Chartered Institute of Management Accountants), you might be eligible to apply for the following credit(s):
Subject Qualifiers and Criteria Accounting
Provided that you have passed all the modules listed below:
Financial Operations
Financial Management
Business and Finance
Provided that you have passed all the modules listed below:
Financial Operations
Financial Management
Performance Operations
Performance Management
Performance Strategy
Enterprise Operations
Enterprise Management
Management Information
Provided that you have passed all the modules listed below:
Financial Management
Performance Operations
Performance Management
Business Strategy
Provided that you have passed all the modules listed below:
Financial Management
Performance Operations
Performance Management
Performance Strategy
Enterprise Operations
Enterprise Management
Enterprise Strategy
Financial Management
Provided that you have passed all the modules listed below:
Financial Management
Financial Strategy
Performance Operations
Performance Strategy
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APPENDIX B APPLICATION FOR CREDIT FOR PRIOR LEARNING For those with qualifications listed in CPL Directory (Appendix B)
How to apply:
Make sure you have paid and are registered as an independent student or are BICA student with a training agreement
fill in your personal details below
attach all the evidence required to support your application, see overleaf
sign/date the form and return it to the address at the bottom of this page along with your supporting evidence The award of credit is entirely at the discretion of BICA
PERSONAL DETAILS
Please complete in block capitals Name(title/forename/surname) _______________________________________________ Contact address: _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________
Telephone: _______________________________________ Email: ____________________________________________ Date of birth: _______ / ______/ _______ DD MM YY University/college: _________________________________________________________ Full title of degree (if applicable): ____________________________________________
Country _____________________________________
Professional qualification: ___________________________________________________ BICA student no____________________________
Please return completed application form to:
Postal Address: The Director Training and Professional Development BICA – Fairground Financial Centre P/Bag 021,Gaborone,Botswana Or
Physical Address: Botswana Institute of Chartered Accountants Plot 50374, Block 3, Third Floor.
Fairground Financial Centre Gaborone, Botswana
I understand that by signing this form I am confirming that:
I have passed all modules relevant to my credit application
I accept responsibility for any further preparation that may be necessary to address knowledge gaps
I have not previously sat the exam for which I am applying for credit
I am already registered with BICA as an BICA student
Signature____________________________ Date _______/_______/______ DD MM YY
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CREDIT FOR PRIOR LEARNING HOW TO APPLY Please check our directory for credits that are currently available
To apply for credit for Professional Stage papers please tick the papers listed below and return both pages of the application form and supporting evidence to the address shown on the front page. Evidence of payment should be submitted with your application. Payment can be made by depositing the applicable amounts into the following BICA accounts at Stanbic Bank Fairgrounds Branch:
1. The GBP amount must be paid into Account No. 0322004835400 BICA 2. The Pula amount must be paid into Account No. 0140004835400 BICA There is a non-refundable fee for each subject for which credit is sought. If applying for more than one subject please ensure you have calculated and deposited the correct amount.
PROFESSIONAL STAGE PAPERS
Accounting £ 65 + P50 Admin. fee Management Information £ 65 + P50 Admin. fee Financial Management £ 85 + P50 Admin. fee
Assurance £ 65 + P50 Admin. fee Principles of Taxation £ 65 + P50 Admin. fee Taxation £ 85 + P50 Admin. fee
Business and Finance £ 65 + P50 Admin. fee Audit and Assurance £ 85 + P50 Admin. fee Financial Reporting £ 85 + P50 Admin. fee
Law £ 65 + P50 Admin. fee Financial Accounting £ 85 + P50 Admin. fee Business Strategy £ 85 + P50 Admin. fee
Please tick all papers for which credit is sought. Supporting documents required:
A copy of deposit slip
Evidence of membership of your professional body where applicable
Details of examination passes in form of statement of achievement
Copies of original must be sent. Internet print outs will not be accepted Signature_____________________________________________________________ Date _______/_______/______
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APPENDIX C APPLICATION FOR CREDIT FOR PRIOR LEARNING Graduates- Degree not listed in CPL Directory
How to apply:
fill in your personal details below and complete the payment form at the end of this document
sign/date the form and return it to the address at the bottom of this page along with your supporting evidence
in cases where your university or course are not listed on our directory please also provide module syllabuses and past exam papers
The award of credit is entirely at the discretion of BICA
PERSONAL DETAILS Please complete in block capitals Name(title/forename/surname) _______________________________________________ Contact address: _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________
Telephone: _______________________________________ Email: ____________________________________________ Date of birth: _______ / ______/ _______ DD MM YY University/college: _________________________________________________________ Full title of degree (if applicable): ____________________________________________
Country ____________________________________ Year awarded: ___________________ Class or grade__________________
If you are offered or are currently in the BICA training contract, complete the details below. BICA student no____________________________Name of your employer_______________________________________________________ Please return completed application form to:
The Director Training and Professional Development BICA – Fairground Financial Centre P/Bag 021,Gaborone,Botswana
I understand that by signing this form I am confirming that:
I have passed all modules relevant to my credit application
I accept responsibility for any further preparation that may be necessary to address knowledge gaps
I have not previously sat the exam for which I am applying for credit
I am already registered with BICA as an ACA student Signature____________________________ Date _______/_______/______ DD MM YY
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Accounting (Knowledge Module)
Complete the grid below to show where in your university degree course (and exams) the areas have been covered.
You must provide a module title/name and module number for each bullet point listed below. If you cannot it is likely that your application will be unsuccessful.
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Maintaining financial records
Proficient in the use of double entry techniques and the maintenance of accounting records
Why maintain financial records and prepare financial statements
The source of information for the preparation of accounting records and financial statements
Record and account for transactions and events resulting in income, expenses, assets, liabilities and equity in accordance with the appropriate basis of accounting and the laws, regulations, and accounting standards applicable to the financial statements
Record and account for changes in the ownership structure and ownership interests in an entity
Preparations of trial balance from accounting records and identify the uses of the trail balance.
Adjustments to Accounting records and financial statements
Able to identify and correct omissions and errors in accounting records and financial statements
identify omissions and errors in accounting records and financial statements and demonstrate how the required adjustments will affect profits and/or losses
Correct omissions and errors in accounting records and financial statements using control account reconciliations and suspense
Prepare an extended trail balance
Prepare journals for nominal ledger entry and to correct errors in draft financial statements.
Preparing financial
statements
Specify the components
of financial statements,
and prepare and present
non-complex accounts
for sole traders,
partnerships and limited
companies
Identify the main components of a set of financial statements and specify their
purpose and interrelationship
Specify the key aspects of the accrual basis of accounting, cash accounting
and break-up of accounting
Prepare and present a balance sheet and income statement (or extracts there
from) from the accounting records and trial balance in a format which satisfies
the information requirements of the entity.
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Assurance (Knowledge Module)
Complete the grid below to show where in your university degree course (and exams) the areas have been covered.
You must provide a module title/name and module number for each bullet point listed below. If you cannot it is likely that your application will be unsuccessful.
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Concept process and need for assurance
Explain the concept of assurance, why assurance is required and the reasons for assurance engagements being carried out by appropriately qualified professionals
Use of and benefits of assurance reports
Functions and responsibilities of the different parties involved in an assurance engagement
Purposes and characteristics of, and levels of assurance obtained from, different assurance engagements
Expectation gap between the different users of assurance reports and how these can be addressed
The assurance process cycle
Why assurance engagements need to be planned with an attitude of professional scepticism
Concepts of reasonable assurance
Internal controls
Explain the nature of internal controls and their importance, document an organisation’s internal controls and identify weakness in internal control systems
Why organisations have effective systems of control
Principles of effective control systems and the main business areas that need effective controls
Internal controls in manual and IT environments
Different types of internal controls and, in particular, those that impact upon the quality of financial information
Impact of internal controls in mitigating risk and their limitations
Internal controls for different business scenarios and their weaknesses
Information needed to enable a sufficient record to be made of accounting or other systems and internal controls
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SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Gathering evidence on an assurance engagement
Select sufficient and appropriate methods of obtaining assurance evidence and recognise when conclusions can be drawn from evidence obtained or where issues need to be referred to a senior colleague
How and why documentation is kept
Tests of control and substantive procedures including analytical procedures
Strengths/weaknesses of different methods of obtaining evidence
When to use the different methods of obtaining evidence
Reliability of assurance evidence
Appropriate methods for obtaining evidence from tests of control and substantive procedures for business scenarios
The quality/quantity of evidence needed to draw reasonable conclusions
When written confirmation of representations from management are needed and their reliability as a form of assurance evidence
Professional ethics
Understand the importance of ethical behaviour and identify issues relating to integrity, objectivity, professional competence and due care, confidentiality, professional behaviour and independence
Ethical codes and their importance to the profession
How the principles of professional behaviour protect the public and fellow professionals
Fundamental principles underlying the IFAC/BICA code of ethics
Importance of integrity and objectivity to professional accountants and situations that may impair or threaten integrity and objectivity
Importance of confidentiality and how confidential information may accidentally be disclosed
When confidential information may be disclosed
The importance of independence and threats to the independence of assurance providers
Safeguards to eliminate or reduce threats to ethical principles and the independence of assurance providers
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Business and Finance (Knowledge Module)
Complete the grid below to show where in your university degree course (and exams) the areas have been covered.
You must provide a module title/name and module number for each bullet point listed below. If you cannot it is likely that your application will be unsuccessful.
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Business objectives and functions
Identify the general objectives of business and the functions and tasks that business perform to meet their objectives
General objectives of businesses
General objectives of strategic management process and interrelationship between a business’s vision, mission a d strategic objectives
Nature and functions of organisational management-human resources and operations management and how these are influenced by human behaviour
Relationship between a business’s overall strategy and its functional strategies
Nature and purpose of strategic/business and operational plans
Conversion of a strategy plan into fully-integrated business plans
Main components of risk management process plus how they operate
Key issues in relation to risk and crisis management
Business structure
Specify the nature, characteristics, advantages and disadvantages of different forms of business structures
Different forms of businesses and their advantages/disadvantages
Differences between businesses carried out by sole traders, partnerships, limited liability partnerships, alliances and groups, and the advantages and disadvantages of each
Differences between unincorporated business and companies, and the advantages and disadvantages of incorporation.
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SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Role of finance and accounting
Identify the purpose of financial information produced by business and specify how accounting and finance functions support business operations, including the management of working capital
Extent to which financial information provides for accountability of management to shareholders and other stakeholders, reflects business performance, is useful to users in making economic decisions and meets the information needs of national, social and economic contexts (e.g. national statistical information)
How accounting and finance functions support businesses in pursuit of their objectives
Main considerations in establishing and maintaining accounting and financial reporting functions and financial control systems
Issues surrounding information processing and information security in the context of accounting systems
Why the management of a business requires information about performance measurement
Accountant’s role in preparing and presenting information about management of a business
Constituents elements of working capital and treasury plus how they are managed by the finance function to optimise working capital and cash flow
Relationship between a business and its bankers plus other providers of financial products in the context of treasury and cash management
Role of accountancy profession
Specify the role of the accountancy profession and w why the work of the profession is important
Importance to the public interest of high quality, accurate financial reporting and assurance
Rationale for key parts of the profession’s work and the links between technical competence and professional responsibility, including accounting principles, accounting standards, sound business management and the public interest
Key features of the structure of the accountancy profession, the regulatory framework within which professional accountants work and how the accountancy profession interacts with other professions.
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SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Governance and Ethics
Identify the role that governance plays in the management of a business and specify how a business can promote an ethical culture
Why governance is needed and the role that governance plays in the management of a business
Key stakeholders and their governance needs
Distinction between the roles and responsibilities of those charged with governance and those charged with management
Impact of differences in national and business cultures on governance
Roles and responsibility of members of the executive board, any supervisory board, the audit committee and others charged with governance, internal audit and external audit
Roles and responsibilities of those responsible within a business for internal audit and the external audit relationship
Policies and procedures a business should implement to achieve an ethical culture
External environment
Specify the impact on a business of the environment in which it operates
Signalling, rewarding and allocation effects of the price mechanism on business
Types of failure of the market mechanism and their effects on business
Principal effects of regulation upon businesses
How the needs of different stakeholders impact upon a business
Impact of key international legislation including Sardnes – Oxley Act and trade restrictions
8
LAW (Knowledge Module) Complete the grid below to show where in your university degree course (and exams) the areas have been covered.
You must provide a module title/name and module number for each bullet point listed below. If you cannot it is likely that your application will be unsuccessful.
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Impact of civil law on business and professional services
Explain the nature of contractual agreements, the agency relationship and the consequences of negligence
Contract:
Formation and enforcement of contract
Termination of contract and remedies for breach of contract Agency:
Methods by which agency is created
Duties and rights of agents
Authority an agent has to enter into contracts on behalf of a principal, including express, implied and apparent authority, and that given to members of a close company legislation Negligence and liability:
Negligence and negligence misstatements and its consequences
Consequences of vicarious liability
Company and insolvency Law
Understand the implications of incorporation, including the roles of shareholders and directors, and the main implications of insolvency law
Differences between partnerships and registered companies
Procedures for the formation of various types of registered companies
Administrative consequences of incorporation or formation of a company
Statutory and Roman-Dutch law requirements for pre-incorporation contracts and warranties
Capacity of a company, powers, validity of actions and the companies Act on the common law doctrine of constructive notice
Contents of and the effect of a company’s constitution and application of the Company Act 2003 to companies without constitution
Procedures for the issue and transferability of shares including: - the types of shares - rights and powers attached to shares
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- no par value shares, - compulsory conversion of par value shares to no par value shares - discretion of the registrar of Companies on the issue of par value
shares
Requirements for the acquisition and disposal of a member’s interest in a close company
Requirements for the insolvency test and the consequences for its contravention.
Requirements for shares and share capital including reduction of state capital, dividends, and restrictions placed on financial assistance, shareholders discounts and redemption of shares
Limitation of liability of stakeholders and influence of stakeholders on management decisions
Statutory rights of a shareholder, director and other entitled persons to institute or intervene on behalf of the company. Common law remedies of shareholders against a company
Rights and duties of members of a close company and the consequences of major breach of duties
Ways in which a director may be appointed or removed
Directors ‘duties and delegation of authority and non-delegable matters in terms of Company Act 2003
Circumstances that make directors to bind company in a contract with third parties
Distinction between shares and debentures, fixed and floating charges and the procedures for registering them.
Nature and function of receivership, judicial management, voluntary, creditors and compulsory winding up
Main implications of insolvency: - The principal means of terminating companies and other business
entities including unregistered associations - Voidable and undue preferences - Priorities on distinction including the rights of creditors and employees - Sequestration and other responses to personal insolvency
10
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Impact of criminal law on business and professional services
Identify instances of criminal behaviour that may be encountered by professional accountants
Circumstances where an accountant can be protected from dismissal and victimisation for raising malpractice in the workplace.
Instances and consequences of fraud
Instances and consequences of bribery and corruption
Instances and consequences of money laundering and actions by professional accountant in accordance with international and national regulations and law
Relationships and interaction between legal principles, legislation, case law, ethics and ethical codes
Impact of law in the professional context
Identify key areas in which the affects the role and work of the professional accountant
Information and its legal environment
The meaning of key terms in the Cybercrime and Computer Related Crimes Act 2007:access, computer or computer system, electronic, service provider and data
Various ways in which computer or computer system information is protected by the Act and common law
Employment Law
An employee and the main legal consequences of employment status
Key features of employment contracts and recognition of circumstances in which an employment contract may be terminated and termination consequences
Employee status
Unfair and wrongful dismissal
11
MANAGEMENT INFORMATION (Knowledge Module) Complete the grid below to show where in your university degree course (and exams) the areas have been covered.
You must provide a module title/name and module number for each bullet point listed below. If you cannot it is likely that your application will be unsuccessful.
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Costing and pricing
Establish the costs associated with the production of products and the provision of services and use them to determine prices
Cost units and cost centres
Classify costs as fixed, viable direct or indirect costs
Calculate unit costs using marginal and absorption costing
Use the most appropriate method of costing for a given product or service
Calculate sales price using cost based pricing
Calculate transfer prices taking account of appropriate costs
Budgeting and Forecasting
Select appropriate budgeting approaches and methods and prepare budgets
Budgetary planning and control systems
Preparation of budgets and budgetary forecasts
Alternative budgetary approaches including bottom – up and to-down, activity based, responsibility based and produce based budget structures
Preparation of cash budgets
Calculation and interpretation of cash operating cycles
Management of surplus and deficits
12
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Performance management
Key features of effective performance management systems, select appropriate performance measures and calculate difference between actual performance and standards or budgets
Key features of effective management performance systems
Select the most appropriate financial and non-financial performance measures
Role of controls in ensuring effective performance measurement
Integration of performance measures and compliance measures into business control systems
Variance analysis and interpretation of variances
Management decision making
Identify and calculate relevant data for use in management decision making
Calculate the breakeven point, contribution and margin of safety
Allocate scare resources to products or services with the highest contribution per limiting factor
Calculate net present value, internal rates of return, payback period or accounting rate of return for a given project
Identify the advantages and disadvantages of each of the investment appraisal techniques listed above.
13
PRINCIPLES OF TAXATION (Knowledge Module)
Complete the grid below to show where in your university degree course (and exams) the areas have been covered.
You must provide a module title/name and module number for each bullet point listed below. If you cannot it is likely that your application will be unsuccessful.
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Objectives and types of tax
Explain the general objectives of tax, the different types of tax charged in Botswana and the contribution tax makes on the economy
Ethical issues arising in the course of performing tax work, the role of taxpayers from tax acts and implications of non compliance of tax payers
Calculate income tax liability for sole traders and other individuals
Understanding tax administration rules and measures for non compliance by tax payers
The impact of government policies and SACU regulations on tax objectives and policies
Classify entities as individuals, companies, trusts for tax purposes and establish their basis of taxation
Identify who is liable to company , income, disposal gains and VAT taxes and how they apply to income, transactions and assets, and determine when taxpayers become chargeable persons
The importance of the government budget cycle, tax year and sources of Botswana tax law and practice, i.e. legislation, case law, BURS DGN’s, statutory instruments and tax regulations
14
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Ethics and administration
Recognise ethical issues arising in the course of performing tax work and identify the obligations the Botswana tax system imposes on tax payers and the implications for tax payers of non compliance
Guidance in the IFAC Code of Ethics FOR Professional Accountants and BICA code of Ethics with respect to: - Disclosure - Conflict of interest - Confidentiality - BURS errors - Money laundering - Tax avoidance and tax evasion
Records kept by companies and individuals for tax purposes and the period for which they must be retained
Key features of the PAYE system
Key features of self assessment system for companies and individuals
Determining due dates for: - Companies, sole traders, partners and individual tax returns, tax
payments and payments on statement of account - Business VAT returns and payments - Employers’PAYE returns and payments
Calculate the interest and penalties due for: - Late submission of and /or incorrect returns, and - Late and /or incorrect payments of tax
Periods BURS enquires into returns of taxpayers or other information and tax liabilities and recognition of taxpayer’s right of appeal and the process of dealing with disputes
15
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Income tax
Recognise the main sources of taxable and non-taxable income and calculate tax for different sources
Main sources of tax and non taxable income
Calculate the chargeable employment income for an employee, including taxable and exempt benefits
Recognise the badges of trade
Allocate items of business expenditure as allowable or disallowable for tax purposes
adjusted profits of a partnership to partners and calculate the taxable income for each partner for a given year
Calculate the final assessable profits for an unincorporated business when they cease to trade
Calculate the total taxable income and income tax payable or refundable or payable for employees and self employed persons
Tax Net Aggregate gains
Calculate the capital gains tax payable by individuals and the net aggregate gains chargeable to company tax
Classify persons, assets and disposals as either chargeable or exempt for capital gains tax purposes
Calculate chargeable gains and losses on the disposal of chargeable assets, indexing where appropriate
Calculate the net aggregate gains and tax payable, utilising capital losses brought down to reduce the liability.
16
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Company Tax
Allocate items of business expenditure and calculate tax
Identify due dates for payment of self assessment by a company
Allocate items of business expenditure as allowable or disallowable for tax purposes and calculate the adjusted trading profits after capital allowances on plant/machinery
Calculate taxable income and tax payable or refundable for a single company, taking into accounts tax credits for tax paid in advance
VAT
Calculate VAT payable or refund
Classify supplies in straightforward situations and understand the implications thereof
Recognise the implications of having supplies classified as standard rated, zero rated or exempt
Identify when a business could or should register or deregister for VAT, including advising upon time limits
Determine the tax point for goods or services
State the principles of VAT payable or refund on supply of goods or services by a taxable person
Calculate the VAT payable or repayable by a business and the due dates
17
BUSINESS STRATEGY (Application Module)
Your exam must have tested your knowledge and ability to apply your skills to a practical application in a business situation
Complete the grid below to show where in your university degree course (and exams) the areas have been covered.
You must provide a module title/name and module number for each bullet point listed below. If you cannot it is likely that your application will be unsuccessful.
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Strategic analysis
Analyse and identify the consequences of a business’s current objectives, market position and direction
Evaluate a business’s purpose in terms of its mission statement, objectives and critical success factors
Analyse the external factors which impact upon business performance and identify any significant issues
Identify internal factors which could affect a business’s chosen strategy
Analyse the resources required to produce a product or service + identify their availability, costs and limiting factors
Analyse the governance and management structures of businesses
Identify the risks attached to a business’s current position
Strategic Choice
Evaluate the likely consequences of strategic choices and recommend strategies for meeting the objectives of a business
Identify alternative strategies available to a business
How a business chooses from competing strategies to maximise achievement of key objectives
How and why products and services must evolve in the face of changing consumer demand
How to position products and services in the market place to maximise competitive advantage
Identify the risks attached to proposed courses of action
Select a strategy or strategies which will achieve the business’s objectives taking account of known constraints
Identify the implications for shareholders of choice between strategies
Assess a business’s current position from a financial perspective
18
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Implementation of strategy
Develop a business plan to achieve a business’s strategy objectives, recommend an appropriate organisational structure and explain the process of effective change management
Relationship between a business’s overall strategy and its functional strategies
Draft a simple business plan, or extracts there from and critically assess an entity’s business plan
Identify the advantages/disadvantages of alternative business strategies
Evaluate different types of organisational structure and recommend an appropriate structure for a given strategy
Identify how a specific business could be further developed taking account of positional analysis and risk so as to achieve business
How a business collects and distributes information to manage its strategy
Levels of change in a business and the approaches used at each level
Key stages in a change management project
Identify the key issues which should be addressed by management during the planning and implementations of a change project, including project management
19
FINANCIAL MANAGEMENT (Application Module)
Your exam must have tested your knowledge and ability to apply your skills to a practical application in a business situation
Complete the grid below to show where in your university degree course (and exams) the areas have been covered.
You must provide a module title/name and module number for each bullet point listed below. If you cannot it is likely that your application will be unsuccessful.
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Financing options
Identify capital requirements of businesses and assess financing options
General objectives of financial strategy and the financial strategy process
Principle features of products offered by financial markets
Role of investors, lenders and advisors in the financial strategy pursued by a business
Possible conflicts of objectives between shareholders, managers and other stakeholders in a business
Characteristics of organic growth, outsourcing, merger and demerger activity, acquisition, management buyout, disposal, winding up and reconstruction
Characteristics of share capital, private equity, convertibles, warrants, debt, preference shares, grants, debt factoring and short term bank finance
Issues and solutions to the financing of small businesses
Nature of dividends, capital growth, and interest rates to investors and the factors affecting dividend policy
Effect of capital gearing on investors ‘perception of risk and reward
Cost of capital calculation (cost of equity, debt, WACC)
20
SKILL
KNOWLEDGE/COMPETENCIES EXPECTED
YOUR MODULE TITLE/NAME
MODULE NUMBER
Managing financial risk
Identify the financial risks facing a business and the principles methods of managing those risks
Key financial risks for businesses
Use of, and characteristics of financial instruments available to manage financial risk
Management of interest rate and foreign currency exposure and simple calculations to determine the cost of a hedge
Management of other key financial risks and determination of their costs
Methods of financing exports.
Investment and financing Decisions
Apply appropriate investment techniques and recommend relevant methods of funding taking into account factors affecting investment decisions
Investment appraisal techniques
Determination of discount factors
Impact of taxation, inflation and relevant cash flows
Sensitivity analysis and risk assessment
Principles of expected values
21
CREDIT FOR PRIOR LEARNING
Evidence of payment should be submitted with your application. Payment can be made by depositing the applicable amounts into the following BICA accounts at Stanbic Bank Fairgrounds Branch: 3. The GBP amount must be paid into Account No. 0322004835400 BICA 4. The Pula amount must be paid into Account No. 0140004835400 BICA This is a non-refundable fee for each subject for which credit is sought. If applying for more than one subject please ensure you have calculated and enclosed the
correct payment. Please tick all applicable boxes.
CREDIT AVAILABLE TO GRADUATES
Accounting £ 65 + P50 Admin. fee Law £ 65 + P50 Admin. fee Business Strategy £ 85 + P50 Admin. fee
Assurance £ 65 + P50 Admin. fee Management Information £ 65 + P50 Admin. fee Financial Management £ 85 + P50 Admin. fee
Business and Finance £ 65 + P50 Admin. fee Principles of Taxation £ 65 + P50 Admin. fee
Signature_______________________________________________________________ Date _______/_______/____
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